Empirical Research On The Impact Of Rumors And Clarification Announcements On The Stock Prices

In recent years,China's stock market rumors become the growing problem,the rumors of listed companies will have an impact on the vital interests of investors and related companies,and the clarification of listed companies may not promptly eliminate the impact of rumors.To effectively reduce the impact of listed companies rumors on the normal order of China's stock market,we must clear the impact of rumors and clarification announcements caused on the stock price,and find the relevant influencing factors.This paper chooses a total of 146 rumors and clarification announcements from July 1,2014 to December 31,2016 as a sample,the main use of event research methods to observe all the listed companies rumors and clarification announcements on the impact of stock prices,On the basis of the preliminarily use of event research methods,this paper further adopts the multiple regression analysis and Logistic regression Analysis study impact of the nature of rumors,rumors of true and false,rumors,clarification of the announcement time,market conditions,listed companies suspension reaction and the financial characteristics of listed companies on rumors caused cumulative abnormal rate and clarify the effectiveness of the announcement.According to the results of the research and analysis,this paper summarizes the following important conclusions:the rumors of listed companies will have an impact on their stock prices,good rumors have a positive impact on the stock price,and bad rumors have a negative impact on the stock price;Clarification announcement will affect the stock price of listed companies.When clarification announcements acknowledged the rumors will bring same affection on the stock price with rumors,and when clarification announcements denied the rumors will bring opposite affection on the stock price with rumors,but need time to respond;During the period of rumors,the factors influencing the stock price fluctuation of listed companies are rumored nature,rumored to be true and false,rumored content,market status,rate of return on equity,asset-liability ratio;The factors that affect the validity of the announcement clarification are rumored nature,clarify the announcement time,market status,suspension response,total assets of listed companies.The conclusions of this paper brought some inspiration for investors how to deal with rumors,listed companies how to strengthen the effectiveness of clarification announcement,and the regulatory authorities how to deal with rumors.